Change in constitution of the firm::

Court :
HC

Brief :
Held by the Hon'ble court that the firm dissolved and reconstituted was merely a change in constitution of the firm u/s 187 and not a case of succession u/s188. Hence,only one assessment had to be made.

Citation :
C.I.T. Vs. Hindustan Motors Finance Co.

Change in constitution of the firm C.I.T. Vs. Hindustan Motors Finance Co. 21/09/2004 (2005) 276 ITR 382 (All) Case Fact: Whether separate assessments have to be made by the I.T.O on the two returns filed by the firm which was dissloved and reconstitued. Decision: Held by the Hon'ble court that the firm dissolved and reconstituted was merely a change in constitution of the firm u/s 187 and not a case of succession u/s188. Hence,only one assessment had to be made.

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Judgement posted by

CA.Saibaburao Nanduri

Chartered Accountant

I am a commerce graduarte of Andhra University. Studied at HINDU COLLEGE, Guntur. Became FCA and started Practice under the name and style of M/s SAIBABU RAO CO I became Chairman of CA Institute, Guntur Branch, during the year 2008-09 My post qualifications are: Information Systems Audit DISA (ICAI) ... Read more

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